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Bitcoin Bear Market Already?

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Quite a turn of events.

Last month, YouTube told me about all these altcoins ready to boom in May and Twitter said the supercycle was about to begin.

Now YouTube says the market peaked in April and Twitter says we’re in a bear market.

Seems a little excessive to me.

(Yes, at the end of March, I did publish an article titled “Will Bitcoin’s Price Peak at $90,000 in April?” but that article was a thought piece projecting others’ expectations of the market forward to its natural conclusion. Those expectations never materialized.)

According to expert analysts, crypto has spent 34 of the last 44 months in a bear market. We just finished a five-month bull market. Now it’s dead again.

I entered the crypto market 44 months ago.

For almost my entire crypto journey, I have known only destruction and folly.

How did I persist through those many months of hardship, waiting endlessly for bitcoin’s price to get back to its all-time high until finally, in December 2020, it poked its head above $20,000 for only a brief, beautiful moment?

I didn’t. For most of that “bear market,” bitcoin’s price went up.

Look at what bitcoin’s price has done since the beginning of 2019. I use the expert’s definitions of “bull” and “bear” markets to denote the epochs.

Yes, I skipped 2018. That was actually a true bear market, the long downfall from a true market cycle peak in December 2017.

We also saw true bear markets in 2011 and from 2014–2015.

In 2019, bitcoin’s price started the year at about $3,100 and ended the year at about $7,160 — more than double where it started.

Is that a bear market? To be honest, I don’t know, I can’t keep it straight. Are you using the 200 DMA? Or the 50/200 death cross? Something about the 21 EMA? The slope of the price line?

Bear markets come at the end of market cycles, not in the middle of them.

Sometimes, bitcoin just goes up really fast. Too fast. After zooming, it takes a long time to settle before taking off again.

In fact, we’ve seen that happen more often than bear markets. Look at these bull market consolidations after big moves up:

  • In January 2012, bitcoin’s price fell 50% and took six months to get back to its previous price.
  • In August 2012, bitcoin’s price fell 56% and took five months to get back to its previous price.
  • In April 2013, bitcoin’s price fell 83% and took seven months to get back to its previous price.
  • In November 2015, bitcoin’s price fell 41% and took seven months to get back to its previous price.
  • From June to August 2016, bitcoin’s price fell 41% and took six months to get back to its previous price.
  • From June to December 2019, bitcoin’s price fell 54% and took two years to get back to its previous price. (Don’t @ me with your “that’s a bear market” business, read above.)
  • From February to March 2020, bitcoin’s price fell 64% and took four months to get back to its previous price.

While the experts would call all of these examples of bear markets, they don’t look like it on a price chart:

Ok, admittedly that 2020 drop looks brutal, but that’s a legit black swan event, even the S&P 500 looks like shit from February to July 2020. If you take that out, these consolidations look totally normal.

This month, I bought bitcoin for the first time since September 2020.

Why didn’t I buy bitcoin from October 2020 to April 2021?

Because I follow my plan for bitcoin’s bull market, and the plan didn’t give me an opportunity to buy until just a few weeks ago.

Do you see the irony of that? The shame and deceit I’ve carried for over a year, since March 2020 when I created my plan for bitcoin’s bull market? How I’ve let down my readers and subscribers?

No?

Here it is:

I HAVE NEVER BOUGHT BITCOIN DURING A BULL MARKET!

My plan is false advertising. There is no bull market!

That is, if the experts are right.

It does seem odd to have a portfolio that’s 6x higher than my initial investment, seeing as I’ve never bought crypto during a bull market. Is this crypto thing supposed to work that way?

All kidding aside, bitcoin’s price went up for six straight months. That’s insane. Even bull markets need to take a break now and then. A few months of consolidation can do wonders for the overall health of the market.

We’ve seen consolidations of up to seven months in 2012, 2013, 2015, 2016, and 2019. Each time, all of those consolidations happened within a larger uptrend, though experts call some of those consolidations “bear markets.”

Anybody who bought during those times came out way ahead — at least 67% and up to 460% gains during the bear market, plus all the gains that came after it.

Opportunity abounds, but it’s hard to get that from chasing parabolas or “treating” yourself to some bitcoin at each all-time high.

If this is another one of those bear markets that ends with bitcoin’s price higher than where it started, I’m ok with that.

At least, I will be after I finish figuring out why these “bear markets” are such bad things in the first place.

Source: https://www.inbitcoinwetrust.net/bitcoin-bear-market-already-c424e3e315b7?source=rss——-8—————–cryptocurrency

Blockchain

John McAfee’s Strange Suicide Leads To Even Stranger Conspiracy Theories

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Today is a sad day for the crypto-verse. For good or bad, John McAfee, one of the most eccentric, bizarre, and influential personalities of the ecosystem, said his goodbyes to the physical world in a no less eccentric, bizarre, and controversial way: He committed suicide by hanging himself from a rope in his prison hours after learning that the Spanish justice system had approved his extradition to the United States.

The news was first announced by his lawyer and later confirmed by the government of Catalonia, the region of Spain where McAfee was imprisoned.

“Everything indicates that it could be a death by suicide.”

Immediately after the news broke, the Crypto Twitter community quickly shared their shock. Some paid respect, others criticized… and others questioned everything that happened.

Don’t Trust…

The conspiracy was easy to imagine, given McAfee’s background. Several cryptocurrency influencers began trying to tie up loose ends to understad what happened. They relied on several tweets from McAfee claiming that he would never commit suicide, that he was being threatened, and that he knew some secrets that the elites needed to silence.

But something that blew everyone’s minds was a picture uploaded post-mortem to his official Instagram account. A black letter Q, presumably pointing to the QAnon movement, though without explanation.

The last post by John McAfee: A Letter Q.
Source: Instagram

QAnon, or simply Q, is a conspiracy movement that claims that a group of satanic pedophiles dominate government and media elites. Its followers claimed that former President Donald Trump was waging a battle to destroy this group.

The movement gained momentum with the arrest of Harvey Epstein on sex charges. The suspicious causes of his controversial suicide prior to his testimony further heightened suspicions that he had in fact been murdered in order to be silenced.

The slogan “Epstein didn’t kill himself” went viral and is still observed when references are made to corrupt government practices in the United States.

And, of course, McAfee had a thing or two to say about this. He pointed out to similarities between his case and Harvey Epstein’s in many times, and assured he had many secrets that the government wanted to hide. If his allegations are true, and the QAnon post means anything, we could soon find out what he knew.

“McAfee Didn’t Kill Himself”

A Twitter user attempted to contact the administrator of the controversial right-wing news site Zero Hedge and introduce him to a Spanish journalist who claims to have video recordings and reports that Joe Biden allegedly teamed up with the Prime Minister of Spain, Pedro Sanchez, to fake McAfee’s suicide.

MMCrypto, a cryptocurrency trader, also questioned McAfee’s suicide. He shared a tweet from McAfee in which he assured that if he were to appear dead, it would not be by his own decision, and everything could be a set-up “a la Epstein.”

Tweet from MMCrypto
Source: Twitter

Podcaster Peter McCormack shared the ticker $WHACKD in reference to another McAfee tweet showing a tattoo as a reminder that he would never commit suicide despite threats from US Officials.

Also, Kim Dotcom, the man behind Mega.nz and active Bitcoin Cash advocate, claimed to be working with McAfee on an initiative to fight government surveillance shortly before the tragic news.

And finance lecturer Vladislav Ginko also shared several tweets warning about the danger of McAfee and his family suffering from deaths caused by USAMRIID, the Department of Defense’s (DoD) lead laboratory for medical, biological defense research.

So far, no official autopsy has indicated his cause of death. In the meantime, theories will continue to emerge. But if there is one thing that everyone – conspiracy theorists or not – can agree on, it is that John McAfee lived his own way until the end.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/john-mcafees-strange-suicide-leads-to-even-stranger-conspiracy-theories/

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Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin

The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC. Largest Exit Scam ever? In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth […]

The post Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin appeared first on CryptoCoin.News.

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The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC.

Largest Exit Scam ever?

In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth 3.6 billions USD at that time. This claim has since then lost most of its credibility, since the brothers cannot be reached anymore.

The South African law firm Hanekom Attorneys, who handle the case on behalf of the victims, believe the incident to be an exit scam, rather than a hack. By their account, employees of AfriCrypt had already lost access to the platform’s backend seven days before the alleged hack. The fact that the owners of AfriCrypt urged investors not to take legal action made the law firm even more suspicious. If proven true, this would make AfriCrypt the largest exit scam in history.

10% Daily Return too good to be true

Reportedly, AfriCrypt attracted new investors by promising them a whopping return of 10% on a daily basis. Additionally, the investment firm promised referral rewards for bringing in more customers. Unrealistically high returns like this should automatically make anyone suspicious, but greed and FOMO drive investors into the arms of fraudulent investment companies and crypto projects.

For the scammers, this is a highly profitable business model, as can be seen by the example of the TRON blockchain. Besides gambling, TRON is notorious for “high risk” investment platforms that typically promise daily returns on the same scale as AfriCrypt, but pull an exit scam shortly after their scheme has gained enough traction.

The success of these fraudulent schemes is a result of the huge influx of new and inexperienced investors over the last months. Just recently, the UK-based Financial Conduct Authority warned against unregulated crypto companies, which operate in a legal grey market.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptocoin.news/news/owners-of-south-african-investment-platform-vanish-alongside-3-6-billion-usd-worth-of-bitcoin-54425/?utm_source=rss&utm_medium=rss&utm_campaign=owners-of-south-african-investment-platform-vanish-alongside-3-6-billion-usd-worth-of-bitcoin

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The Bank for International Settlements Gives CBDCs Full Backing


The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks. (Read More)

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The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks.

bank-for-international-settlements-bis-cbdcs-digital-currencies-blockchain

CBDCs are crucial in modernising finance

The BIS acknowledged that CBDCs must modernise finance and keep ‘Big Tech’ in check not to control money. 

Benoit Coeure, a member of the BIS, warned:

“Without CBDCs, digital money would become increasingly dominated by big tech firms, as they would leverage enormous social media user bases.”

CBDCs are digital assets pegged to a real-world asset and backed by the central banks, meaning that they represent a claim against the bank exactly how banknotes work. Furthermore, they are blockchain-enabled, representing a new technology for issuing central bank money at the wholesale and retail level. 

According to the announcement:

“As part of its upcoming annual report it estimated that at least 56 central banks and monetary authorities, representing around a fifth of the world’s population, are now looking at digital currencies as commerce shifts online.”

The issuance of CBDCs seems to be a race against time; many nations believe owning a CBDC is instrumental in having control of the global markets.

The Bahamas- the first nation to launch a CBDC

The Bahamas launched the Sand Dollar in October last year, making it the first country in the world to release a CBDC beyond the testing phase officially.

As more nations reveal their interest in CBDCs, the BIS noted that authorities would have to decide whether citizens require digital IDs to use them or choose the token-based route, making transactions more anonymous.

In November 2020, the International Monetary Fund (IMF) advised central banks not to overlook some essential legal frameworks needed for a CBDC to work. 

Once rolled out, CBDCs are expected to drive the financial inclusion of nearly 1.7 billion people left out of the banking system.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/the-bank-for-international-settlements-gives-cbdcs-full-backing

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